Uday Kotak's term as the non-executive chairman of the debt-ridden IL&FS group has been extended by another six months, according to a government gazette. Kotak's term now stands extended till April 2, 2022. He is also the managing director and chief executive officer of Kotak Mahindra Bank. The notification was issued by the Department of Financial Services in the Ministry of Finance dated September 21, 2021.